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HARVARD UNIVERSITY
LAWRENCE H. SUMMERS, PRESIDENT TELEPHONE: 617-495-1502 MASSACHUSETTS HALL FAX: 617-495-8550 CAMBRIDGE, MASSACHUSETTS 02138 lawrence_summers@harvard.edu December 17, 2003
Mr. Robert A, G. Monks Cape Elizabeth, ME 04107
Dear Bob. Belated thanks for your long and thoughtful October letter regarding corporate governance and shareholder responsibility. I appreciate your perspectives, and there is much in what you say that strikes a resonant chord. At the same time, from what I have observed in my time here as president (and as a member of the Harvard Management Company board) I believe Harvard takes quite seriously its responsibilities as a shareholder, through the work of its shareholder committees, through the IRRC and otherwise.
I also believe there is much wisdom in the fundamental approach that Derek Bok articulated for addressing these issues, and for negotiating a sound path between asserting shareholder interests in a responsible manner and taking care to avoid actions that would politicize the University or otherwise risk compromising or distracting attention from its fundamentally academic mission. To be sure, in this as in any aspect of the University’s work, we can benefit from reflecting and from time to time reexamining our philosophy and methods. Your letter sheds light on a number of areas that can help inform that continuous process. I intend to raise these issues in the appropriate forum. I have also taken the liberty of sharing your letter with Jack Meyer; Ann Herman, our vice president for finance; and appropriate others, so that all can have the benefit of your views.
Thank you again for your reunion “gift,” and best wishes for the new year.
Sincerely,
Lawrence H. Summers
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